It predicts this year’s average sale price will $942,000 compared to just over a million dollars in 2016, a drop of 7.4 per cent following last year’s 5.2 per cent decrease.

The industry group thinks 2018 will see a return to higher prices, up 2.2 per cent to an average of $963,000.

The BCREA says “demand has declined from the record level” of early last year, which it expects to “ease some pressure on a relatively low level of housing supply.” It also cites the tax on foreign buyers and tighter mortgage rules.